• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

Can a Beneficiary Receive Accelerated Benefits?

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

dane2use

Junior Member
I am 50 years old & single. I live in Missouri & have a question about accelerated benefits. I know that my parents have either a Life Insurance Policy or Annuity set up whereby each of us kids will receive $25K upon their deaths. I was downsized several months ago & need access to those funds now. Are there typically provisions through either one of these instruments that provide the cash in advance? My parents are quite old fashioned & speaking to them about this will be difficult. I've fairly certian that they're averse to taking out any type of loan against either the Life Insurance or the Annuity. And one last, unpleasant question; is there any way to compel my parents to release these funds should they refuse to do so? (I hope it wouldn't come to that). Thanks.
 
Last edited:


somarco

Member
Who is the owner of the policy?

Accelerated benefits may be available depending on the age of the policy and the health of the insured.
 

dane2use

Junior Member
Somarco,

Thank you for your response. My parents are the owners of the policy. Although each of them are approximately 75 years old, they are in generally good health. Thanks.
 

anteater

Senior Member
If parents are the owners, they call the shots. They can surrender the policy. They can take loans against it (or make withdrawals if it is an annuity). They can change the beneficiary -- which is what they might well do if you start talking about compelling "my parents to release these funds should they refuse to do so."

I don't see any way around having a heart-to-heart talk with your parents.
 

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
data-ad-format="auto">
Top